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Retirement funds PostFinance Pension 25

PostFinance Pension 25 (Security number 1,205,626)

The fund invests in money market investments, bonds, equities and commodities around the world, as well as in Swiss real estate. The strategic equity component stands at 25%, with 4% each invested in real estate and commodities respectively. The foreign currency portion stands at around 12%. The fund is passively managed, i.e. it tracks a benchmark index. As a result, investors benefit from low fund costs and a performance that closely reflects that of the benchmark index. The fund is rebalanced back to its original weighting once a month. The only authorised investments are assets from occupational pension and tied retirement savings schemes in Switzerland (pillar 2 and pillar 3a).

Fund structure by investment instrument in %

1. 66.40% Bonds

2. 25.00% Equities

3. 4.00% Real Estate

4. 4.00% Commodities

5. 0.60% Money Market

Performance previous month

These figures refer to the past. Past performance is not a reliable indicator of future results. The performance shown does not take account of any commissions and costs charged when subscribing to units.

¹As part of the realignment of the PostFinance fund offering, this fund's investment policy was revised with effect from 4.8.2008 and from 1.2.2013.

The 10 largest equity positions

Key figures

Modified Duration

4.32

Average maturity in years

n.a

Sharpe Ratio (3 years)

0.89

Risk-Free Rate (3 years)

-0.81

Volatility

2 years

1.97

3 years

3.18

5 years

3.00

Report of the portfolio manager - 4 quarter 2017

In line with market expectations, the Federal Reserve raised interest rates by 25 basis points in December. This was the third rate hike in 2017. The European Central Bank announced it would reduce its monthly bond purchases in January 2018. In the 4th quarter, global equity markets posted a positive performance; especially those from emerging markets. The tax reforms in the United States particularly boosted equity markets. Global equities (+6.38%), Swiss equities (+2.91%), domestic bonds (+0.57%) and CHF bonds issued abroad (+0.24%) contributed positively to the investment result. In addition, Swiss real estate (+2.35%) and commodities (+4.14%) made an important contribution to the overall positive investment result.

Performance chart

These figures refer to the past. Past performance is not a reliable indicator of future results. The performance shown does not take account of any commissions and costs charged when subscribing to units.

PostFinance funds are issued in accordance with Swiss law. Prospectuses and key investor information documents (KIID), contractual terms, and annual and interim reports are available free of charge from the PostFinance Operations Center, any PostFinance branch or from UBS Fund Management (Switzerland) AG, P.O. Box, 4002 Basel, Switzerland. All Swiss Post branches, PostFinance branches and all Customer Service offices accept purchase and redemption orders. Before investing in a product please read the latest prospectus carefully and thoroughly. None of the funds offered by PostFinance Ltd may be offered, sold or delivered within the USA, or to persons who are US citizens, are resident in the USA, or are required to pay taxes in the USA. PostFinance does not sell funds to persons who are resident outside of Switzerland. In such countries, PostFinance funds are not offered and are therefore not available. The information mentioned herein is not intended to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Past performance is not a reliable indicator of future results. The performance presented here does not take into account any commissions or costs incurred in the purchase of shares. Commissions and costs have a negative impact on performance. This information does not take into consideration the specific or future investment objectives, financial or tax situation or particular needs of any specific recipient.